Tacoma (WA) Auto Loans

In today’s world, it’s very difficult to purchase a new car or truck if you don’t qualify for a loan or lease. Unfortunately, arranging such a loan can be a mind-numbing process, which could take days, if not weeks. Why would you wait to apply at the bank or dealer when you can apply right here through our site? It’s so much easier to have a local Tacoma finance specialist lead you through the approval process. On top of that, it takes just two minutes to apply.

Car Loan Rates in Tacoma

Wondering about the interest rate you will be charged? In reality, your rate of interest differs widely based on your credit score, not to mention other variables. The rates displayed below are only for informational purposes. These are not advertisements, and your actual rate could be very different.

FICO Score

New Car

Used Car

Excellent

3.5%

3.7%

Good

4.9%

5.6%

Average

6.7%

7.2%

Subprime

9.7%

8.5%

Bad

14.2%

17.5%

Very Bad

15.9%

NA

Used Car Loans in Tacoma

In general, it costs a bit more to finance a used car, at least when it comes to interest. However, used cars and trucks are cheaper over the long haul, and they don’t depreciate as fast. Take a look at the table below.

Age

Price

Rate

Months

Payment

Interest

Total

New

$19,200

6.00%

60

$371.19

$3,071

$22,271

1 Year

$15,360

7.50%

60

$307.78

$3,107

$18,467

2 Years

$13,056

7.50%

60

$261.62

$2,641

$15,697

3 Years

$11,098

7.50%

60

$222.37

$2,245

$13,342

As you can see, the car financed new for $19,200 won’t be worth but $11,098 after 36 months. Most lenders will allow you to finance a pre-owned car up to a decade old, sometimes a little less, and some have a mileage cap of 100,000 miles.

Poor Credit Auto Loans in Tacoma

Your credit score is critical when financing a car. Fundamentally, your FICO score is used to calculate risk. Fortunately, the internet has made it less difficult for the bad credit consumer.

If at all possible, you should avoid turning to a no credit check dealership. These buy here pay here dealerships are infamous for aggressive sales tactics. The rates are very high, and the cars and trucks are always preowned, sometimes with more than 100,000 miles.

Instead, you’re better off if you look for your loan on the web. The down payments are cheaper, as well as the interest rates, and the service is much superior.

Tacoma Credit Restoration

Although your rate will be based on your credit rating, there are things that you can do to make your auto loan more affordable. Is your credit report marred by any inaccuracies? These can harm your credit score quite significantly. Fortunately, it’s free to check your credit report annually at www.annualcreditreport.com. You can contest any discrepancies on your own, or get a credit repair company to write the dispute letters for you. Furthermore, cosigners, down payments, and faster repayment terms all add up to lower rates of interest.

No Money Down Cars in Tacoma

More often than not, you’ll still need some substantial cash to get the car you want, as a down payment of 10-20% is normally a requirement. Ordinarily, there are a couple of prerequisites for no down payment financing:

The car is new.

The shopper has an outstanding FICO score.

By applying online, it’s possible to improve your chances of securing this kind of a deal, as dealerships are able to see your down payment upfront. Just leave a zero in the down payment field, and the financing consultant will understand.